Direct Lenders Payday Loans

You could always come across situations where you need extra funds for meeting unexpected exigencies, be it medical bills, rents, credit card dues, etc., and you are short of it in your reserves. Getting a loan sanctioned in the traditional route is a tedious one and will not be useful in such situations. Direct lender payday loans are an alternative way to meet such unexpected expenses. It is a source to get immediate cash; in some cases maybe even within two to three hours and tide over your financial distress. These are short-term loans that can range from $100 to $2000. These loans will be due for repayment on your payday.

How to apply for a direct lender payday loan?

The first step is to find a direct lender that offers payday loans. You can try the directory or the internet to search for them. The website will help you in comparing various direct lenders to enable you to get the best one.

Payday loans can be obtained either in person at a payday loan provider or online. You will have to fill an application form stating your name, address, social security number, birth date, source of income and your checking account information.

You will have to provide a photo identification and proof of your income. You should not have any other unpaid payday loans at the time of applying.

Once all the requirements are met, the direct lender will approve of the loan. The lender then presents the contract which describes the exact terms of the loan, including interest rates, late fees and finance charges. You should read the loan contract in full and understand it before signing.

You have to submit a post-dated check in the name of the lender for the amount of the loan and the agreed interest and fees which will be cashed on your next paycheck date.

Once the above process is completed, you will be given the cash that you require. If you have applied in person, you will be able to collect the cash immediately. If you have applied online, you will have the money transferred to your bank account.

Things to know about direct lenders payday loans

You have to be a US resident older than 18 years with permanent employment with a monthly income of not less than $1,000 and a valid savings account to get a direct lender payday loan.

Because payday loans are very short-term, the interest charged will be high, about 15% of the face value for a two-week advance.

You can check with the Better Business Bureau for any existing complaints against the lender you are approaching for direct lender payday loan.

You should only borrow an amount which can be repaid entirely with the next paycheck.

The loan term is for a month but some lenders may give two month terms if you have a history of repaying loans promptly.

With online loan processing, it is now very convenient to get payday loans.

Advantages of direct lender payday loans

You will get approval even if you have a bad credit score provided you satisfy the requirements of the lender. You do not have to submit your credit rating details to get the loan approved.

You can get the cash within 24hours after approval.

No collateral is required for getting the loan approved and terms and conditions are flexible.

There is no lengthy paperwork involved in getting a loan approved.

With the help of direct lender payday loans, you will have enough money to get over the unexpected expenses that may come up.

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